{"id":6905,"date":"2023-10-10T20:20:59","date_gmt":"2023-10-10T20:20:59","guid":{"rendered":"https:\/\/chenoafund.org\/?p=6905"},"modified":"2023-10-12T19:09:42","modified_gmt":"2023-10-12T19:09:42","slug":"program-update-announcement-october-10-2023","status":"publish","type":"post","link":"https:\/\/chenoafund.org\/program-update-announcement-october-10-2023\/","title":{"rendered":"Program Update Announcement October 10, 2023"},"content":{"rendered":"

All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. These policy changes apply to everyone using the Chenoa Fund down payment assistance program and are effective beginning\u00a0October 16, 2023,<\/strong>\u00a0unless otherwise noted.<\/p>\n

This announcement and previous announcements are available on the\u00a0Announcements<\/a>\u00a0page of our website.<\/p>\n

Announcement: Suspension of FHA manually underwritten loans<\/strong><\/p>\n

Due to current market conditions, we are temporarily suspending manually underwritten loans. This change will affect all loans registered on or after\u00a0October 16, 2023.\u00a0<\/strong>This change affects the following sections in the correspondent lending guide:<\/p>\n

5.10 | DTI Requirements<\/strong><\/h2>\n

DTI overlays are determined by the qualifying credit scores on the loan.<\/p>\n

All FHA<\/em>:<\/p>\n

    \n
  • Credit Score 600+: DTI per AUS approval. If the borrower does not receive Approve\/Eligible, a manual underwrite may be allowed; see section 5.24 (Manual Underwriting) for more information.\u00a0Effective October 16, 2023, Manual Underwriting is suspended.<\/strong><\/li>\n<\/ul>\n

    5.11 | Payment Shock Requirements<\/strong><\/h2>\n

    Loans with AUS Approval will not have payment shock calculations applied.\u00a0 Manually underwritten loans will continue to be reviewed.\u00a0Effective October 16, 2023, Manual Underwriting is suspended.<\/strong><\/p>\n

    5.24 | Manual Underwriting – Effective October 16, 2023, this section on FHA manual underwriting is SUSPENDED.<\/strong><\/p>\n

    All FHA<\/em><\/strong>:<\/strong>\u00a0Loans submitted with Refer\/Eligible AUS findings that have been manually underwritten according to FHA guidelines are acceptable with the exception of manufactured home properties, provided that CBC Mortgage Agency overlays are also adhered to. All Manual Underwrites will need to be screened prior to close with an exception.<\/p>\n

    Follow eligibility requirements for manually underwritten loans according to FHA, and then apply CBC Mortgage Agency overlays for complete adherence to our program requirements.<\/p>\n","protected":false},"excerpt":{"rendered":"

    All policy changes and updates are referenced below in the appropriate section of the Correspondent Lending Guide. 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